Blockchain report highlights technology worth over £4bn to Scottish economy by 2030

Key findings:

• Blockchain technology can contribute £4.48 billion to Scotland's GDP by 2030
• Blockchain technology has the potential to significantly boost Scotland's economic growth across various sectors from agriculture to education
• The widespread adoption of blockchain will lead to improvements in supply chain activities, healthcare systems, and financial transactions
• Scotland's energy sector is exploring the use of blockchain technology to enable peer-to-peer energy trading and incentivise renewable energy generation
• Blockchain technology holds potential to transform the UK Media and Entertainment Industry via digital rights management, micropayments and smart contracts

Scottish Enterprise has today (22 May) published a report into Scotland’s blockchain economy with an economic forecast that highlights the technology has the potential to add £4.48bn to Scotland’s GDP by 2030.

The report is entitled ‘Blockchain Industry in Scotland Landscape Overview: Companies, Investors, Influencers and Trends’ and was produced by Deep Knowledge Analytics presenting an overview of the entire blockchain industry ecosystem.

Suzanne Sosna Scottish Enterprise director of economic opportunities said: “This is the first review of its kind into the companies, investors and impact of blockchain that could unlock new and scalable innovation opportunities for our digital economy in Scotland.

“The technology is most associated with the financial sector, but we wanted to look beyond that across industries where blockchain technology might be lesser known, but no less innovative, such as in education where it’s used to make qualifications secure.

“Scottish Enterprise will continue to support the development of blockchain technology to help business growth and innovation in Scotland.”

Blockchain works by allowing digital information to be recorded and distributed across a network of computers then stored in blocks that hold sets of data and linked together through cryptography, forming a chain of data.

Benefits, features and challenges of blockchain technology are summarised in the report alongside regional analysis and case studies to demonstrate how the technology can be applied across different industries in Scotland from entertainment and education to energy.

There are currently 60 blockchain centric companies, 78 Investors, 86 leaders and 33 hubs with a blockchain focus in Scotland with most companies located in Edinburgh.

Economic opportunities are highlighted across eight sectors within the report – Agriculture, Manufacturing, Health, FMCG, Space, Energy, Finance and Education.

Companies profiled in the report include Glasgow-based Gigged.AI that has also been supported by Scottish Enterprise and uses artificial intelligence blockchain technology for businesses to create secure and transparent records of candidate qualifications, experience, and work history.

Key challenges include regulation and public awareness of the technology most closely associated with finance, however the report highlights that the technology has applications for industries such as entertainment and manufacturing with solutions for digital rights management and contracts.

Dominic Jennings head of strategic partnerships for Deep Knowledge Analytics and Deep Knowledge Group said: “The use of blockchain technology can encourage growth across a diverse range of sectors through the development of innovative and secure solutions with potential to significantly boost Scotland's economic growth.

“Deep Knowledge Analytics is proud to have worked with Scottish Enterprise to produce this landmark report and to promote the future growth of the blockchain industry in Scotland.”

Read the report in full: Blockchain Industry in Scotland Landscape Overview: Companies, Investors, Influencers and Trends’